The Campbell Soup earnings report for its fiscal second quarter of 2019 has CPB stock on the rise Wednesday.
Campbell Soup (NYSE:CPB) reported earnings per share of 77 cents for its fiscal second quarter of the year. This is down from the company’s earnings per share of $1.00 from its fiscal second quarter of 2018. However, it was a blessing to CPB stock by coming in above Wall Street’s earnings per share estimate of 70 cents for the period.
Campbell Soup earnings for its fiscal second quarter of 2019 also include a net loss of $59 million. This is a drop from the company’s net income of $285 million reported in the same period of the year prior.
Revenue from the Campbell Soup earnings report for its fiscal second quarter of the year was $2.71 billion. The company’s revenue from its fiscal second quarter of the previous year was $2.18 billion. This is a boon to CPB stock by beating out analysts’ revenue estimate of $2.68 billion for the quarter.
“During the quarter, we continued to make progress against key strategic initiatives,” Mark Clouse, President and CEO of Campbell Soup, said in a statement. “Our efforts to stabilize our core business, integrate Snyder’s-Lance, deliver our cost savings agenda and focus and optimize the portfolio are all on track.”
The most recent Campbell Soup earnings report also has the company reaffirming its outlook for the fiscal full year of 2019. It is still looking for earnings per share of $2.45 to $2.53 on revenue of $9.975 billion to $10.100 billion. This is assuming it doesn’t divest businesses during the year. Wall Street is looking for earnings per share of $2.44 on revenue of $9.91 billion for fiscal 2019.
CPB stock was up 8% as of noon Wednesday.
As of this writing, William White did not hold a position in any of the aforementioned securities.